SoftCo AP Automation
4 Reviews 5/5 ★ ★ ★ ★ ★An accounts payable automation software offering invoice management and approval for mid to large-sized companies.
Product Overview
SoftCo AP Automation is a software designed for the electronic processing of both purchase order (PO) and non-PO supplier invoices. Its capabilities extend from initial invoice capture and matching to the final stages of invoice approval and query management. Key features include supplier relationship management, invoice data capture, surcharge handling, and spend analytics.Pros
- AI-enhanced features for invoice processing
- Integrates with 200+ ERP systems
- SOC & ISO 27001 certified
Cons
- Limited report customization
- Occasional inaccuracies in automated vendor selection
Target Market
Mid to large-sized companies across various industries, including luxury goods, retail, architecture, and planning, that handle a significant volume of invoices.About SoftCo AP Automation
SoftCo AP Automation manages the accounts payable process, streamlining tasks from electronic invoice capture and matching, to approval and query handling. SoftCoAP incorporates AI and adaptive learning technologies to minimize the number of supplier invoices that require manual intervention.
SoftCo Key Features
- Supplier Relationship Management: Onboard, manage, and communicate with suppliers via an easy-to-use portal.
- Invoice Data Capture: Capture and store all paper, PDF, and electronic invoices in one place.
- Invoice Matching: Automatically match invoices against POs, goods receipt notes, and master data.
- Touchless Invoice Processing: Smart matching technology addresses even the most complex scenarios for 80% STP.
- Invoice Approval Workflow: Flag non-PO or exception invoices to AP for coding and route to the relevant approver.
- ERP Integration: Seamlessly integrate with 200+ ERPs to hand over approved invoices for payment.
- Spend Analytics: Maintain full visibility with detailed spend, accruals, budget, and KPI reporting.
- Surcharge Handling: Capture, validate and account for surcharges to ensure transparency and accuracy over the true costs of goods and materials.
- SoftCoPay grants access to a network of over 3.8 million vendors in various industries who can readily accept payments via SoftCoPay.
- Earn attractive monthly rebates for vendor payments made by virtual card.
- Certified: SoftCo are SOC & ISO 27001 Certified.
Pricing Details
Please contact SoftCo directly to get detailed pricing. The tiered Pricing Model is based on annual invoice volume levels starting at 15,000 invoices per annum.
Benefits
- Precise Invoice Data Capture: Eliminate paper and fully automate invoice data capture process.
- Accelerated Exceptions and Query Handling: Handle all invoice exceptions and queries in one place.
- Unrivalled Invoice Matching: Efficiently match PO invoices to orders and deliveries.
- Intelligent Invoice Approval Workflow: Fully automate invoice approval process.
- Easy On-the-Go approval: Approve invoices via email or the SoftCo App.
- Seamless Management of Recurring Contracts: Validate invoices against subscriptions/contracts.
- Simple ERP Integration: Seamlessly integrate with any ERP system to hand over approved invoices for payment.
- Powerful Real-time reporting/AI Analytics: Maintain full visibility with detailed spend, accruals, budget, and KPI reporting.
Video Overview
User Reviews of SoftCo AP Automation
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Rather than just technically describe an issue, SoftCo knew what functional problems we had, and their business comprehension was impressive. That really made SoftCo stand out.
SoftCo’s solution has delivered real benefits and savings. We have completely removed all manual invoice processing tasks which has significantly reduced invoice lifecycles.
We chose SoftCo because of their proven experience in this area. They were able to identify our issues straight away and offer a quick and cost-effective solution. They implemented the system in a matter of hours and provided an onboarding service that allowed our staff to get up and running on the system in minimal time.
SoftCo has fulfilled everything that we were looking for, and more. Our query resolution times have reduced by 75%, meaning our AP staff spend less time on reconciliation and more time on value-adding activities.
